For 2025, we expect revenue growth of 5.0%-6.5%. Drivers will include acquisitions announced last year, especially in the U.S., a gradual volume recovery in Europe, and continued pricing discipline. We forecast our adjusted EBITDA margin will improve to about 20.0% in 2025 from 19.2% in 2024, supported by higher operating leverage in Europe, a recovery in still-underperforming regions like Africa and the Asia Pacific, and a new cost efficiency program ?Transformation Accelerator?, which will contribute to €500 million of savings by end-2026, according to management. In 2024, Heidelberg Materials reported muted revenue growth. The company?s S&P Global Ratings-adjusted EBITDA was slightly higher, with lower volumes more than offset by positive price over cost. High interest rates, inflation, and volatile energy
